Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Yann Faho (Faho), previously associated with Aegis Capital Corp., has at least 3 disclosable events. These events include 2 customer complaints, one regulatory event, alleging that Faho recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on December 15, 2023.
Without admitting or denying the findings, Faho consented to the sanctions and to the entry of findings that he caused his member firm to maintain incomplete books and records by using his personal mobile phone to communicate via text message with firm customers regarding securities-related business. The findings stated that these text messages included Faho seeking and obtaining authorization to buy and sell stocks, discussion of specific investment recommendations, provision of market updates, and conversations about account performance. Faho’s firm did not capture or maintain these test messages, as it was required to do under the Exchange Act and FINRA Rules.